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October 29, 2019

Tax Credits with Michael Novogradac

In this episode, Steve and Corey are joined by Michael Novogradac, managing partner of Novogradac & Company LLP. Together, they take an in-depth look at the history of the Low-Income Housing Tax Credit program – from its inception to today – and the role it has played in the affordable housing market. There's a lot to this story, and it's more relevant now than ever given the severe affordability challenges around the country.

  • Chapter 1: 0:00 - 6:50 – 1986 and 1989 were big years for the affordable housing industry
  • Chapter 2: 6:50 - 19:00 – The Year-15 issue and the 4% and 9% tax credits
  • Chapter 3: 19:00 - 20:50 – The post-recession dip and rise
  • Chapter 4: 20:50 - 28:30 – Regional variations, investor needs and high opportunity areas
  • Chapter 5: 28:30 - 33:30 – Affordability challenges and solutions
  • Chapter 6: 33:30 - end – Opportunity Zones and looking ahead

Listen to other episodes in the series.


This podcast is for informational purposes, and is not advocacy, legal interpretation, nor a statement of policy. Reference to any specific product or entity does not constitute an endorsement or recommendation by Freddie Mac unless explicitly stated. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Freddie Mac employees are those of the employees and do not necessarily reflect the view of Freddie Mac or any of its officials.

About the Podcast Hosts

Steve Guggenmos

Steve Guggenmos
VP Research & Modeling

Steve leads multifamily research at Freddie Mac. In this role he performs research related to national and market-specific multifamily conditions. His team supports the multifamily business by developing models and quantitative approaches that determine risk-based capital allocations. The models capture loan level risks and also the benefits of the diversification and structural credit support for pools of multifamily mortgages, supporting the core business strategies of Freddie Mac Multifamily.

Corey Aber

Corey Aber
Senior Director of Mission, Policy and Strategy

Corey is the Senior Director of Mission, Policy and Strategy at Freddie Mac Multifamily. In this role, he oversees our Duty to Serve initiatives as well as research and development activities that further our support for affordable housing and underserved markets nationwide.

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